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Airtel to transfer 25% stake in DTH arm to Nettle

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According to a BSE filing, Bharti Airtel will transfer its 25 per cent stake in DTH arm Bharti Telemedia to wholly owned subsidiary Nettle Infrastructure Investments.

The transaction has been approved by the Bharti Airtel board. The date of sale of the transaction is subject to regulatory approvals. The company will receive cash as consideration for the sale.

“We wish to inform you that the Board in its meeting held on January 18, 2018, has approved the transfer of 25 per cent equity shares of Bharti Telemedia Limited (Subsidiary Company) to its wholly owned subsidiary, Nettle Infrastructure Investments Limited,” Bharti Airtel said in a filing to the BSE.

Airtel in December signed agreement to sell 20 per cent stake in Bharti Telemedia to private equity firm Warburg Pincus for about $350 million (around Rs 2,310 crore).

A company official said that the stake transfer to Nettle does not include equity to be sold to Warbug Pincus. Upon closing of the transaction with the equity firm, Airtel was left with 80 per cent equity stake in Bharti Telemedia.

In a separate filing, Airtel said that the company’s board on the same day also approved acquisition of 5 per cent stake in its subsidiary Indo Teleports (also known as Bharti Teleports) for Rs 2.3 crore. Bharti Airtel already holds 95 per cent stake in Indo Teleports.

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